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《大行報告》高盛降頤海(01579.HK)目標價至100元 評級「中性」
阿思達克 03-26 14:02
高盛發表研究報告,指頤海國際(01579.HK)去年下半年第三方銷售低於管理層預測,本年至今新產品銷售呆滯。管理層歸咎於品牌投資力度不足,新產品激勵短板及供應鏈欠效率。公司將引入區域經理,理順供應鏈激勵及逐漸加強品牌推廣以改善經營。

報告稱,對頤海而言,因為第三方業務基數較高,今年具挑戰性。公司對新產品展望趨保守,增加品牌推廣及定價下調料抑壓毛利率。正面而言,隨著海底撈(06862.HK)店舖擴張,其關連方銷售強勁反彈可期,加上上半年基數較低,增長有高可見度。長遠而言,受惠產品創新往績、激勵計劃改善、持續物流優化及成本控制等,對其增長機遇維持正面看法,考慮估值上行空間有限,短期新產品潛在毛利壓力,維持「中性」評級,並削2021至2025年盈測介乎9%至10%,目標價由117元降至100元。

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